The University Collections Office reminds cash-handling staff that the Internal Revenue Service requires specific reporting procedures for cash payments exceeding $10,000 for a single transaction, or two or more “related transactions.”

For purposes of this regulation, cash is defined as U.S. and foreign coin and currency. Business or personal checks drawn upon the payer’s own account as well as electronic payments are excluded from this definition and are not considered cash.

A cashier’s check, bank draft, traveler’s check or money order with a face amount of $10,000 or less that is received in a “designated reporting transaction” is also a reportable transaction.

In the event that a cash handling area would receipt a reportable payment, an IRS Form 8300 would be required. The Form 8300 and other details can be printed from the UCO site.

Please forward this annual reminder to other staff involved in cash collection and receipting activities. Questions may be directed to the University Collections Office by email at uco@purdue.edu or phone at 494-5366.